PHOENIX - Mesa Air Group, Inc. (NASDAQ: NASDAQ:MESA), the parent company of Mesa Airlines, disclosed today that it has received a notification from the Nasdaq Stock Market for not complying with a listing rule due to a delay in filing its quarterly financial report.
The notice, dated February 21, 2024, indicates that the airline has not met the Nasdaq Listing Rule 5250(c)(1) because it did not file its Form 10-Q for the quarter ended December 31, 2023, in a timely manner.
The company clarified that the delay in filing is not due to any anticipated restatements of financial statements or disagreements with its auditors. The notification does not immediately affect the listing or trading of Mesa Air Group's securities on the Nasdaq Global Select Market.
Mesa Air Group has been given a 60-day period, until April 22, 2024, to submit a plan to regain compliance. If the plan is accepted, Nasdaq may allow the company up to 180 days from the original due date of the Form 10-Q, which would be until August 12, 2024, to file the report and regain compliance.
The company is actively working to complete the necessary Form 10-Q and intends to submit it or a compliance plan before the end of the 60-day period. Mesa Air Group expects to return to compliance within the given timeframe. This announcement is in line with Nasdaq's requirement for prompt disclosure following the receipt of a deficiency notice.
Mesa Air Group, based in Phoenix, Arizona, operates Mesa Airlines, which provides passenger service to numerous cities across the United States, Canada, Cuba, and Mexico, as well as cargo services. As of September 30, 2023, the airline operated 80 aircraft with approximately 296 daily departures and employed around 2,303 people. Mesa Airlines operates under agreements with United Airlines and DHL Express.
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